Three challenges facing blockchain technology

Nearly five years ago, Overstock.com became the first major retailer to accept bitcoin as a form of payment. It now accepts many top cryptocurrencies. As a member of the senior executive team and board of directors at Overstock.com, I had a front-row seat to those decisions.

It didn’t take long for the Overstock team to realize that bitcoin’s underlying blockchain technology held great promise beyond cryptocurrencies. We also knew that for blockchain technology to reach its full potential, the startup companies advancing its use would need both financial and human capital support.

Overstock set up a venture capital blockchain incubator, Medici Ventures, to do just that.

We believe blockchain technology will eventually impact many industries. We are already involved in promising developments in areas like capital markets, money transmission and banking, voting, supply chain, property and self-sovereign identity. But there is still a long way to go before blockchain technology can realize its true potential.

Here are the three most important challenges facing more widespread adoption of blockchain technology right now.